The European Union (EU) has agreed a package of "significant" additional restrictive measures targeting sectoral cooperation and exchanges with Russia, announced the European Council in a statement on Tuesday.

These decisions will limit access to EU capital markets for Russian state-owned financial institutions, impose an embargo on trade in arms, establish an export ban for dual-use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector, according to the statement.

The new package reinforces the recently expanded listing of persons and entities "undermining Ukrainian territorial integrity and sovereignty," the statement said.

It also strengthens the restriction of investment and trade with Crimea and Sevastopol and the reassessment of the Russia-EU bilateral cooperation "with a view to reducing the level of the cooperation," said the statement.

The package is meant as "a strong warning" and "a powerful signal" to Russia that "destabilizing Ukraine or any other Eastern European neighboring country will bring heavy costs to its economy," according to the statement.

The EU also emphasized that it remains ready to "reverse" its decisions, and reengage with Russia "when it starts contributing actively and without ambiguities to finding a solution to the Ukrainian crisis." 

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